Tech Talk for Friday June 21st 2019
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.
Gasoline prices are expected to move higher over the weekend. Crude oil prices have moved higher due to greater disturbances in the Middle East. In addition, the largest refinery complex on the U.S. East Coast experienced an explosion last night.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/06/clip_image0011-8.png "clip_image001[1]")
The Canadian Dollar slipped 0.05 to 75.75 cents U.S. following release of Canada's April Retail Sales report released at 8:30 AM EDT. Consensus was an increase of 0.3% versus a gain of 1.1% in March. Actual was an increase of 0.1%
Carmax added $3.20 to $86.20 after reporting higher than consensus first quarter sales and earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/06/clip_image0021-11.png "clip_image002[1]")
Micron dropped $1.61 to $32.54 after JP Morgan lowered its target price to $50 from $64.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/06/clip_image0031-5.png "clip_image003[1]")
Medtronic (MDT $99.26) is expected to open higher after increasing its dividend by 8%.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/06/clip_image0041-5.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/06/20/stock-market-outlook-for-june-21-2019/
Note seasonality chart on the PHLX Oil Services Index.
Observation
The S&P 500 Index closed at an all-time high.
The Dow Jones Industrial Average moved above 26,695.96 and is testing its all-time high at 26,951.81
European equity indices and related ETFs also broke to new recent highs.
EAFE also broke to a new recent high.
Strength in equity indices was triggered by weakness in the U.S. Dollar Index and related ETN
StockTwits released yesterday @EquityClock
Another manufacturer sentiment report shows a negative result for June. Philadelphia Manufacturing Business Outlook Index comes in at -1.7 (NSA), well below the +8.1 that is average for this time of year. $MACRO #Economy #Manufacturing
Technical action by S&P 500 stocks to 10:00: Bullish. Breakouts: $AMZN $NIKE $ULTA $WHR $GIS $BHGE $MCO $BAX $BMY $ISRG $NKTR $PKI $REGN $AGN $CMI $FBHS $TDG $FISV $IT $ORCL $SYMC $NEM $INCY Breakdowns: $CCL $DRI $KR
Editor's Note: After 10:00 AM EDT, intermediate breakout: FLS. No breakdowns.
Lots of gold stock breakouts this morning! Examples: $ABX.CA $K.CA
Dow Jones Industrials ETF $DIA moved above $266.20 to an all-time higher extending an intermediate uptrend
S&P 500 ETF $SPY moved above $294.95 to an all-time high extending an intermediate uptrend.
Brookfield Asset Management $BAM $BAM.A.CA, a TSX 60 stock moved above $44.26 U.S. to an all-time high extending an intermediate uptrend.
Another Canadian precious metals producer breakout! First Majestic $FR.CA moved above $9.64 extending an intermediate uptrend.
Cameco $CCJ $CCO.CA, a TSX 60 stock moved above $10.63 U.S. completing a double bottom pattern.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for June 20th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for June 20th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 20th 2019
Green: Increase from previous day
Red: Decrease from previous day
Josef Schachter on BNNBloomberg Yesterday
Market Call
https://www.bnnbloomberg.ca/video/josef-schachter-s-market-outlook~1711867
Past Picks
https://www.bnnbloomberg.ca/video/josef-schachter-s-past-picks~1711871
Top Picks
https://www.bnnbloomberg.ca/video/josef-schachter-s-top-picks~1711986
Keith Richard on BNN Bloomberg Yesterday
Market Call
https://www.bnnbloomberg.ca/video/keith-richards-market-outlook~1712560
Past Picks
https://www.bnnbloomberg.ca/video/keith-richards-past-picks~1712600
Top Picks
https://www.bnnbloomberg.ca/video/keith-richards-top-picks~1712632
S&P 500 Momentum Barometer
The Barometer gained 6.41 to 69.94 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer added 1.45 to 61.70 yesterday. It remains intermediate overbought.
Disclaimer: Seasonality and technical ratings offered in this report and at
www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed
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